Cushman & Wakefield Brokers $26M Sale of Chicagoland BTR Community
Cushman & Wakefield has brokered the $26.4 million sale of The Manors at Brookmere, a 108-home build-to-rent community located in Matteson, Illinois, a south Chicago suburb.
Originally developed in 2016 by national homebuilder Lennar, the transaction represents one of the first sales of a stabilized build-to-rent community in the Chicagoland region. Cushman & Wakefield’s Brad Smith, Jack Maloney and Anna Lovell represented the seller, Haven Realty Capital. The buyer was a joint venture between Ashland Capital and Crest Capital.
The property at 4962 Bennett Drive consists of a collection of contiguous quadplex buildings offering spacious, two-story residences with two- and three-bedroom layouts. Community features include private entrances, as well as attached one- and two-car garages.
“We are seeing a meaningful shift in investor interest toward Chicagoland, driven by fundamentals that stand out favorably on a national level,” said Smith. The Manors at Brookmere is within 15 minutes of major employers, including Amazon, Ford Motor Company and the University of Chicago Health System’s Flossmoor campus.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout